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COF agrees to pay a fine to settle a lawsuit accusing the company of deceiving savings account depositors.
COF buys Discover, creating a behemoth in the credit card industry. The acquisition boosts its competitive edge and expands its share of consumer card spending.
Capital One will be even more focused on credit-card lending now that it has completed the Discover deal.
Fifteen months after it was announced, Capital One's $35 billion acquisition of Discover is official. The deal, finalized Sunday (May 18), creates the largest credit card issuer in terms of loan volume in the U.S.
Capital One will reportedly pay $425 million to settle a lawsuit accusing it of cheating savings account depositors. That's according to a report by Reuters on Friday (May 16), citing court documents.
Warren Buffett's Berkshire Hathaway (BRK.A, BRK.B) sold its shares of Citigroup (C) during the first quarter, while trimming its stakes in Bank of America (BAC) and Capital One (COF).
There are plenty of bargains to be had amid intense stock market volatility. And while the best deals have mostly evaporated, there are still intriguing, cheap names with timely catalysts that still look to be worth buying on the way up.
New York Attorney General Letitia James sued Capital One Wednesday (May 14), alleging the bank misled its customers about the existence of a savings account that provided higher interest.
New York Attorney General Letitia James sued Capital One on Wednesday, accusing the bank of "cheating" customers out of millions of dollars in interest payments. The suit mimics litigation by the CFPB, which was dropped in February under the Trump administration.
Letitia James's lawsuit claimed Capital One promised depositors one of the country's highest interest rates on their 360 Savings accounts, yet froze their rate at just 0.30% even as interest rates rose nationwide.
Capital One was sued on Wednesday by New York Attorney General Letitia James, who accused the bank of cheating depositors with its flagship "high interest" savings accounts out of millions of dollars in interest.